2026.03. 06 本文字数：2390，阅读时长大约4分钟 作者 | 第一财经 杜川 一场超两个半小时的重磅记者会，为"十五五"开局之年的经济发展明晰路径。 潘功胜称，在数量上，除了存款准备金工具之外，将综合运用短中长期的政策工具，保持市场的流动 性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平的预期目标相匹配。 在利率上，将根据经济金融形势的变化和宏观经济运行情况，引导和调控好利率水平，促进社会综合 融资成本低位运行，强化利率政策执行和监督，对于一些不合理的、容易削减货币政策传导的市场行 为加强规范。 在结构上，重点聚焦支持扩大内需、科技创新和中小微企业。同时，引导金融机构科学评估风险，优 化信贷结构，分类施策、有扶有控，从金融的角度抑制一些行业的"内卷式"竞争，支持经济结构调 整和转型升级。 推进金融稳定法、人民银行法等立法修法 记者会还释放出防范金融风险、维护金融稳定的政策信号。 3月6日，十四届全国人大四次会议经济主题记者会于下午3时举行，国家发展和改革委、财政部、商 务部、中国人民银行、证监会五部门负责人同台作答，这也是五部门连续三年联袂回应中外记者关于 发展改革、财政预算、商务、金 ...

吴清表示，中国证监会将认真贯彻落实党的二十届四中全会和即将召开的全国"两会"有关部署，扎实开 展资本市场"十五五"规划相关工作，研究谋划好未来五年推动资本市场高质量发展的重点举措。 2月27日，证监会召开资本市场"十五五"规划外资机构座谈会。为深入学习贯彻党的二十届四中全会有 关部署和习近平总书记关于"十五五"规划编制实施的重要讲话精神，进一步研究做好资本市场"十五 五"规划工作，当日，证监会党委书记、主席吴清在北京召开座谈会，与8家在华外资证券基金期货机构 代表深入交流，充分听取意见建议。 座谈中，参会机构一致认为，新"国九条"发布实施以来，中国资本市场在完善基础制度、健全市场功 能、提升上市公司投资价值、扩大高水平开放等方面取得积极成效，外资和外资机构参与中国资本市场 的意愿和积极性明显提升。参会机构一致表示，对中国经济和中国资本市场长期向好发展充满信心。会 上，大家围绕"十五五"时期如何提高资本市场制度包容性适应性、稳步扩大高水平制度型开放、加快建 设一流投资银行和投资机构等提出了具体意见建议。主要包括：持续提升资本市场服务实体经济的适配 性和覆盖面，提高政策的连续性和可预期性；进一步提升上市公司投资价 ...

吴清表示，中国证监会将认真贯彻落实党的二十届四中全会和即将召开的全国两会有关部署，扎实开展 资本市场"十五五"规划相关工作，研究谋划好未来五年推动资本市场高质量发展的重点举措。吴清强 调，要牢固树立和践行正确政绩观，紧扣防风险、强监管、促高质量发展的工作主线，坚持市场化、法 治化、国际化方向，以科创板、创业板"两创板"改革为抓手，持续深化投融资综合改革，进一步健全资 本市场制度、产品和服务体系，提高制度包容性、适应性和吸引力、竞争力，更好服务科技创新和新质 生产力发展。要坚持以开放促改革、促发展，着力推动资本市场对外开放迈向更深层次、更高水平，积 极参与和推进全球金融治理改革，持续营造透明、稳定、可预期的市场环境。外资机构是中国资本市场 的重要参与者和见证者，希望大家进一步发挥在全球配置资源、国际视野和专业经验等方面的优势，为 中国资本市场高质量发展积极建言献策、贡献力量。 （文章来源：广州日报） 据证监会官网消息，2月27日，证监会党委书记、主席吴清在北京召开座谈会，与8家在华外资证券基金 期货机构代表深入交流，充分听取意见建议。 座谈中，参会机构一致认为，新"国九条"发布实施以来，中国资本市场在完善基础制 ...

Group 1 - The core viewpoint of the articles highlights the positive developments in China's capital market since the implementation of the new "National Nine Articles," with increased foreign participation and confidence in the long-term growth of the Chinese economy and capital market [1][2] - The participating foreign institutions emphasized the need for continuous improvement in the adaptability and coverage of capital market services to the real economy, as well as enhancing the investment value of listed companies and investor protection [1] - Suggestions were made to improve cross-border investment and financing facilitation, align with international standards and regulatory rules, and support the dual openness of industry institutions to enhance the global resource allocation capabilities of local institutions [1] Group 2 - The China Securities Regulatory Commission (CSRC) plans to implement the key measures for high-quality development of the capital market as outlined in the 14th Five-Year Plan, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The CSRC aims to deepen comprehensive reforms in investment and financing, enhance the system, products, and service framework of the capital market, and improve its inclusiveness, adaptability, attractiveness, and competitiveness [2] - The importance of foreign institutions as key participants in the Chinese capital market is emphasized, with a call for them to leverage their global resource allocation, international perspective, and professional experience to contribute to the high-quality development of the capital market [2]

吴清表示，证监会将扎实开展资本市场"十五五"规划相关工作，研究谋划好未来五年推动资本市场高质 量发展的重点举措。吴清强调，要牢固树立和践行正确政绩观，紧扣防风险、强监管、促高质量发展的 工作主线，坚持市场化、法治化、国际化方向，以科创板、创业板"两创板"改革为抓手，持续深化投融 资综合改革，进一步健全资本市场制度、产品和服务体系，提高制度包容性、适应性和吸引力、竞争 力，更好服务科技创新和新质生产力发展。要坚持以开放促改革、促发展，着力推动资本市场对外开放 迈向更深层次、更高水平，积极参与和推进全球金融治理改革，持续营造透明、稳定、可预期的市场环 境。外资机构是中国资本市场的重要参与者和见证者，希望大家进一步发挥在全球配置资源、国际视野 和专业经验等方面的优势，为中国资本市场高质量发展积极建言献策、贡献力量。 北京商报讯（记者 马换换 李佳雪）2月27日晚间，证监会官网发文称，为进一步研究做好资本市场"十 五五"规划工作，当日证监会党委书记、主席吴清在北京召开座谈会，与8家在华外资证券基金期货机构 代表深入交流，充分听取意见建议。 ...

为深入学习贯彻党的二十届四中全会有关部署和习近平总书记关于"十五五"规划编制实施的重要讲话精 神，进一步研究做好资本市场"十五五"规划工作，2月27日证监会党委书记、主席吴清在北京召开座谈 会，与8家在华外资证券基金期货机构代表深入交流，充分听取意见建议。吴清表示，中国证监会将认 真贯彻落实党的二十届四中全会和即将召开的全国"两会"有关部署，扎实开展资本市场"十五五"规划相 关工作，研究谋划好未来五年推动资本市场高质量发展的重点举措。吴清强调，要牢固树立和践行正确 政绩观，紧扣防风险、强监管、促高质量发展的工作主线，坚持市场化、法治化、国际化方向，以科创 板、创业板"两创板"改革为抓手，持续深化投融资综合改革，进一步健全资本市场制度、产品和服务体 系，提高制度包容性、适应性和吸引力、竞争力，更好服务科技创新和新质生产力发展。要坚持以开放 促改革、促发展，着力推动资本市场对外开放迈向更深层次、更高水平，积极参与和推进全球金融治理 改革，持续营造透明、稳定、可预期的市场环境。外资机构是中国资本市场的重要参与者和见证者，希 望大家进一步发挥在全球配置资源、国际视野和专业经验等方面的优势，为中国资本市场高质量发展积 ...

Core Viewpoint - The People's Bank of China (PBOC) aims to maintain currency stability and financial stability as dual objectives while promoting a robust monetary policy framework and macro-prudential management system during the 14th Five-Year Plan period [1][3]. Group 1: Monetary Policy Framework - The PBOC will optimize the monetary policy target system, focusing less on quantitative targets and more on interest rate adjustments to enhance financial stability [5]. - A scientific and robust monetary policy system will be constructed, balancing short-term and long-term goals, economic growth, and risk prevention [3]. Group 2: Financial Stability and Risk Management - The PBOC emphasizes the importance of a comprehensive macro-prudential management system to monitor and assess financial risks systematically [9]. - There will be an expansion of macro-prudential coverage to include financial markets, non-bank financial institutions, financial infrastructure, and internet finance [9]. Group 3: International Cooperation and Currency Internationalization - The PBOC will enhance international cooperation in cross-border payments and actively participate in global financial governance reforms [1]. - Efforts will be made to promote the internationalization of the Renminbi and improve the cross-border payment system [1]. Group 4: Interest Rate and Exchange Rate Mechanisms - The PBOC will improve the market-oriented interest rate formation and transmission mechanism to ensure effective monetary policy implementation [7]. - A flexible exchange rate formation mechanism will be maintained, with a focus on preventing excessive fluctuations [7].

Core Viewpoint - The People's Bank of China (PBOC) aims to balance domestic growth while promoting global financial governance reform and international financial cooperation by 2026, alongside advancing the internationalization of the Renminbi [1] Group 1 - The PBOC will continue to enhance the high-level opening of the financial services industry and financial markets [1] - The focus will be on orderly progress in the internationalization of the Renminbi [1]

Group 1 - The core viewpoint emphasizes the need for a moderately loose monetary policy to support domestic growth while promoting international financial cooperation and the internationalization of the Renminbi by 2026 [1] - The People's Bank of China (PBOC) aims to build a multi-channel, comprehensive, secure, and efficient cross-border payment system for the Renminbi, enhancing international cooperation in cross-border payments [1] - The PBOC will focus on maintaining currency stability and financial stability as dual objectives, which are foundational tools for macroeconomic management [2] Group 2 - The PBOC plans to optimize its monetary policy target system during the 14th Five-Year Plan, shifting focus from quantitative targets to more observational and reference indicators, thereby enhancing the role of interest rate adjustments [4] - There will be improvements in the market-oriented interest rate formation, adjustment, and transmission mechanisms to ensure effective transmission from central bank policy rates to market benchmark rates [6] - A comprehensive macro-prudential management system will be established, expanding coverage to include financial markets, non-bank financial institutions, financial infrastructure, and internet finance [8]

Core Viewpoint - The article discusses the implementation of a moderately loose monetary policy by the People's Bank of China (PBOC) to support economic stability and growth, particularly in key areas such as domestic demand, technological innovation, and small and medium-sized enterprises (SMEs) [2][3]. Group 1: Monetary Policy Implementation - In 2025, the social financing scale increased by 8.3% year-on-year, and the broad money supply grew by 8.5%, both significantly higher than the nominal GDP growth rate [3]. - The average interest rate for newly issued corporate loans and personal housing loans was approximately 3.1% in December, reflecting a low financing cost environment [3]. - The PBOC plans to continue implementing a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery [5]. Group 2: Structural Policy Measures - The PBOC has introduced various structural monetary policy tools, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools and an increase in the re-lending quota for agricultural and small enterprises to 4.35 trillion yuan [6]. - The PBOC aims to optimize the design and management of structural monetary policy tools to better support major strategies and key areas [5][6]. Group 3: Financial Market Stability - The exchange rate of the renminbi against a basket of currencies has remained stable, and the bond market has developed healthily, with the 10-year government bond yield stabilizing around 1.8% to 1.9% [4]. - The PBOC emphasizes maintaining the stability of the financial market and managing expectations effectively [6]. Group 4: Macro-Prudential Management - The PBOC is focused on constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system to support high-quality financial development [7]. - Key areas of focus include monitoring systemic financial risks, expanding the coverage of macro-prudential management, and enhancing the standardization and effectiveness of macro-prudential management tools [13][14]. Group 5: Support for Key Sectors - The PBOC has allocated 500 billion yuan for consumer services and elderly care re-lending, and increased the quota for technology innovation and technical transformation re-lending to 1.2 trillion yuan [18][19]. - The PBOC is enhancing support for SMEs by increasing re-lending quotas and improving financing accessibility for small and private enterprises [19][21].